Casey’s to Acquire 40 Convenience Stores from Pilot for $220 Million

Ankeny, Iowa — Casey’s General Stores, Inc., a leading convenience store chain in the United States, has agreed to acquire 40 Pilot convenience stores from Pilot Corporation in an all-cash transaction for $220 million. The 40 Pilot stores will extend Casey’s presence in Tennessee and Kentucky with well-established locations primarily in the Knoxville, Tenn., market.

“These stores have a track record of strong performance, and are high quality assets that will be a great fit for Casey’s fresh food program, especially our handmade pizza,” says Darren Rebelez, president and chief executive officer at Casey’s. “We look forward to carrying forward these Haslam family legacy stores and welcoming their team into the Casey’s family.”

“Casey’s is a great convenience store chain that shares similar values as Pilot and we couldn’t be more excited for what they will bring to the community,” says Jimmy Haslam, chairman of Pilot Company. “We are very thankful for the tremendous service our team members have provided and know they will be in great hands with Casey’s.”

Pilot’s convenience stores are owned and operated independently from its travel center and energy businesses and were not included in the Berkshire Hathaway transaction. BofA Securities, Inc. acted as exclusive financial advisor to Pilot Corporation.

Casey’s is a Fortune 500 company operating over 2,300 convenience stores. Founded more than 50 years ago, the company has grown to become the third-largest convenience store retailer and the fifth-largest pizza chain in the United States. For more information, visit www.caseys.com.

Founded in 1958 and headquartered in Knoxville, Tenn., Pilot Company has grown its network to more than 800 retail and fueling locations in North America. Its Pilot Flying J Travel Center network includes over 750 locations in 44 states and six Canadian provinces with more than 680 restaurants. For more information, visit www.pilotcompany.com.

 

 

 

SOURCE: Casey’s

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